00:03In the meeting just concluded, the FOMC decided to raise the target range for the federal funds rate by a
00:11quarter of a percentage point to 3.75% to 4% in support of the Federal Reserve's dual mandate.
00:18The committee is continuing its policy of maintaining ample reserves in the banking system.
00:23Yet for more than five years, inflation has been running above target.
00:27So our predominant focus is on the price stability side of our mandate.
00:33The plain fact is that inflation is too high and has been for too long.
00:40We made this decision today based on our assessment of the situation, based on our assessment of the trajectory for
00:48employment,
00:48based on our judgment on the strength of the economy.
00:52Sometimes the market tries to prejudge our outcomes.
00:57I'll observe market prices and see what they have to say.
01:01But today was our decision.
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